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Logo for Facebook appears on screens at the Nasdaq MarketSite in Times Square. Photo:Richard Drew/AP

The first shareholder suit was filed Friday against Facebook in the Southern District of New York over the erasure of $100 billion in value just one day after the social media giant’s stock plunged.

Michael Riccardi

Michael Riccardi has been a reporter and editor at ALM publications for more than 20 years. A graduate of Villanova University's law school, he lives in Philadelphia. He can be reached at mriccardi@alm.com.

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Judge Maureen P. Kelly of the Western District of Pennsylvania recommended that Ohio law govern the plaintiffs' claims of negligence per se but not the claims alleging violations of the Ohio Deceptive Trade Practices Act.

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